Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 5.3% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) was down 5.3% on Tuesday . The stock traded as low as $29.76 and last traded at $29.8420. 104,805 shares were traded during mid-day trading, a decline of 80% from the average session volume of 529,369 shares. The stock had previously closed at $31.52.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a research report on Thursday, August 27th. Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Oppenheimer reduced their price objective on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus lowered their target price on Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.33.

Cardinal Infrastructure Group Stock Down 3.8%

The company has a market capitalization of $1.44 billion and a price-to-earnings ratio of 55.13. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $48.70 and a 200-day moving average price of $52.07.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. As a group, equities analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Cardinal Infrastructure Group

In other news, Director Richard Bennett Wimmer purchased 7,500 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Monday, August 17th. The stock was acquired at an average price of $39.13 per share, for a total transaction of $293,475.00. Following the transaction, the director owned 29,349 shares in the company, valued at $1,148,426.37. The trade was a 34.33% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ivy Zelman acquired 12,647 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the completion of the transaction, the director owned 32,891 shares in the company, valued at approximately $1,302,812.51. This represents a 62.47% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 214,597 shares of company stock valued at $8,285,516 over the last three months. 61.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP lifted its position in shares of Cardinal Infrastructure Group by 1.3% in the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock worth $27,483,000 after purchasing an additional 9,064 shares in the last quarter. Emerald Advisers LLC lifted its position in Cardinal Infrastructure Group by 12.7% in the 1st quarter. Emerald Advisers LLC now owns 578,600 shares of the company’s stock worth $22,944,000 after buying an additional 65,245 shares in the last quarter. Conversant Capital LLC acquired a new stake in shares of Cardinal Infrastructure Group during the 1st quarter valued at $18,702,000. Principal Financial Group Inc. grew its holdings in shares of Cardinal Infrastructure Group by 198.8% during the 1st quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock valued at $16,983,000 after acquiring an additional 284,918 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust raised its holdings in shares of Cardinal Infrastructure Group by 19.7% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 359,063 shares of the company’s stock worth $14,239,000 after acquiring an additional 59,068 shares in the last quarter.

About Cardinal Infrastructure Group